Developing countries need urgent action to help manage their debt following the food and fuel price surges triggered by the war in Ukraine, a top UN official told AFP. The Covid-19 pandemic has already reduced developing countries’ financial leeway and increased their debt, said Rebeca Grynspan, secretary-general of the United Nations Conference on Trade and Development, which helps developing countries integrate into the global economy. Developing countries will not be able to cope without help and need solutions for their liquidity and debt problems. UNCTAD says developing countries are expected to need $310 billion to service external public debt in 2022, equivalent to 9.2 percent of the outstanding stock of external public debt at the end of 2020.
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